NEW YORK – Jan. 19, 2023 – Global law firm Greenberg Traurig, LLP advised Banco Pichincha of Ecuador, that country’s largest bank in terms of assets, on a USD $200 million notes transaction corresponding to the third series the bank has set up under its diversified payment rights (DPR) future flow securitization program. The new notes, backed by DPRs, were issued by Ecuador DPR Funding Ltd. to the United States International Development Finance Corp. (DFC).
Proceeds from the transaction will be used by Banco Pichincha to provide loans to support Ecuadorian small and medium-sized business enterprises (SMEs) that are majority-owned or founded by women, or that have a minimum number of women in management positions, as board directors or in their overall workforce. Goldman Sachs served as sole structuring agent and placement agent.
“We are very proud to have represented Banco Pichincha in this noteworthy transaction designed to improve the quality of life of millions of Ecuadorians and provide a boost to women-owned SMEs,” said Greenberg Traurig Latin America Practice Shareholder Oscar Stephens, based in the firm’s New York office, Stephens led the transaction team. “Working collaboratively with Banco Pichincha, DFC, and Goldman Sachs, it was possible to structure and close a complex financing in the current market environment.”
Banco Pichincha is the leading financial institution in Ecuador, with assets of USD $13.4 billion, equivalent to 25.6% of the country’s banking system as of Dec. 2021. In operation for nearly 116 years, it has grown from its origins as a local bank to become an international financial entity present in five countries.
Other Greenberg Traurig team members on this transaction included Tax Practice Shareholder Erez I. Tucner, Associate Mirae Park, and Foreign Law Clerk Catalina Rodriguez Trout, based in the firm’s in New York office.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2500 attorneys in 43 locations in the United States, Europe, Latin America, Asia, and the Middle East. The firm reported gross revenue of over $2 Billion for FY 2021 and is consistently among the top firms on the Am Law 100, Am Law Global 100, and NLJ 250. On the debut 2022 Law360 Pulse Leaderboard, it is a Top 15 firm. Greenberg Traurig is Mansfield Rule 5.0 Certified Plus by The Diversity Lab and the Center for Resource Solutions Green-e® Energy program certifies that the firm’s U.S. offices are 100% powered by renewable energy. The firm is often recognized for its focus on philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.